With numerous draft-day trades in the offing, the Spurs and the Bucks have initiated the process by making an incredibly lopsided exchange. Richard Jefferson is reportedly going to San Antonio for Bruce Bowen, Kurt Thomas and Fabricio Oberto.

What the Spurs gain and lose

Jefferson is a versatile small forward who can also log some time against carefully selected opponents at power forward. Wherever he plays, R.J. is always competitive — he's a runner and a slasher who moves well without the ball and is excellent in transition. He's a dependable standing 3-point shooter who has a quick shot release on his jumpers, an excellent first step, a nifty left-to-right crossover, and an effective step-back move. In the low post, he'll look for turnaround jumpers over either shoulder. He can also rebound, jump and play excellent defense.

In other words, Jefferson has All-Star caliber talent.

His only negatives are his occasional arrogance and selfishness — traits that will vanish under Coach Pop's firm hand.

Since Thomas (soon to be 37), Oberto (34), and Bowen (38) are all the NBA equivalent of graybeards, and R.J. is still only 29, San Antonio has taken a huge step in rejuvenating its roster.

However, without Thomas and Oberto, the Spurs are desperately short of big bodies. Look for them to seek a primo power player via more trades or in the free agent market.

As for Bowen — his skills are seriously eroded to the point where he can no longer adequately defend fleet-footed guards or wings. His meager minutes of playing over-the-top physical defense and dropping an occasional corner trey won't be missed at all.

Also, with Jefferson on board, Michael Finley (age 36) can either come off the bench or play limited minutes as a starter.

With the trade — assuming, of course, that Tim Duncan's knees and Manu Ginobili's ankle will hold up for the duration — the Spurs have suddenly become the Western Conference's second-best team.

What the Bucks gain and lose

As far as putting capable bodies on the court, the Bucks have gained little. Thomas can still function as a defensive-minded backup at center, and as such, provides a modicum of insurance in case Andrew Bogut breaks down again.

Unless he can function as a role player on an elite team, Oberto is strictly roster-fill — and so is Bowen. In fact, it wouldn't come as a shock if both of these guys are either waived or bought out.

The only plus for Milwaukee is freeing up enough money to be a significant player in the free-agent market. With Jefferson no longer on the premises, it becomes imperative for the Bucks to re-sign Charlie Villanueva. With Villanueva and Michael Redd in the fold, the Bucks will still have plenty of firepower available from the wing positions.

For the Bucks, then, this transaction primarily signals the beginning of a radical overhaul of their roster. If their subsequent moves lack dramatic impact both in the short- and long-term, then Milwaukee will have given Jefferson away for next to nothing.

Right now, the deal is a steal for the Spurs.